President Allende's plans to nationalise Chile's mineral resources appear to have run into a last minute set back.
President Allende's plans to nationalise Chile's mineral resources appear to have run into a last minute set back. Congress, in which the President's United Front Party has a minority, has changed the original bill to allow for compensation over a 30 year period...and said that the rate could be increased. During a speech to miners in Santiago yesterday, Doctor Allende made clear his disappointment at the changes. The President will meet with his cabinet and if he vetoes the amendments, the bill will go back to Congress and nationalisation will be delayed.
SYNOPSIS: In Chile, President Allende's plans to nationalise the country's mineral resources have run into a last minute set back. When Congress met to debate the hill alterations were made. President Allende's United Front Party has a minority in Congress. The major changes made to the bill were to allow compensation over a thirty year period and to allow an increase in the money paid to the companies taken over.
During a speech to miners yesterday president Allende said parts of the bill were different from what the Government wanted, especially regarding compensation to be paid to the American mining companies for their investment in the mines. estimated at 700 million dollars (291.6 million sterling).
It's believed the President is unhappy with the amendments made by Congress. If he vetoes parts of amendments the bill which go back Congress and nationalisation will delayed. Relations between the United States and Chile currently appear to be reserved on the part the U.S. and the light in which America will regard Chile in the future apparently depends on the compensation paid.
President Allende is still treading warily. He promised nationalisation when elected in September last year and the new bill has obviously be planned in great detail. It remain to be seen how the President will handle Congress...or just how far he's willing to go to get his bill through.